Escalating Oil Prices and the Global Economy
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In an effort to shed some light on the bi-directional relationship between oil prices and the global economy, this paper examines the general and historical effects of oil shocks on present global, regional and national circumstances. Special attention is focused on the macro-economic consequences that escalating oil prices present.
From the Paper:"As stated, global economic performance is largely determined by oil prices. It is not surprising that oil price surges affect various economies differently. Escalating oil prices lead to a general redistribution of income in that it is transferred from importing oil countries to exporting oil nations (Birol, 2004, 3). It is important to note, however, that although economic growth in importing oil countries during oil price hikes takes place, it has historically 'been less than the loss of economic growth in importing countries' (Birol, 2004, p.4). In other words, during oil price hikes, global net growth has always been negative."
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Escalating Oil Prices and the Global Economy (2006, December 06) Retrieved September 24, 2023, from https://www.academon.com/research-paper/escalating-oil-prices-and-the-global-economy-75183/
"Escalating Oil Prices and the Global Economy" 06 December 2006. Web. 24 September. 2023. <https://www.academon.com/research-paper/escalating-oil-prices-and-the-global-economy-75183/>